SCHEDULE 7Alternative property finance relief
PART 2Alternative property finance: arrangements relieved
Land sold to financial institution and person in common
7
Paragraphs 8 to 12 apply where arrangements are entered into between a person and a financial institution under which—
(a)
the institution and the person purchase a major interest in land as common owners (“the first transaction”),
(b)
the institution and the person enter into an agreement under which the person has a right to occupy the land exclusively (“the second transaction”), and
(c)
the institution and the person enter into an agreement under which the person has a right to require the institution to transfer to the person (in one transaction or a series of transactions) the whole interest purchased under the first transaction.